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Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said that he will meet chiefs of payments banks later this week to understand their issues. As many as seven payments banks have commenced their operations after the first set of licenses were issued in 2015.
"I have started a process of very active engagement with stakeholders and players who are supposed to play these kinds of roles. I have met (top officials) banks, cooperative banks, NBFCs, and various other stakeholders. I met the (heads) small finance banks last week and later part of this week I am meeting payments banks also," he said at an event organised by NITI Aayog here.
The central bank has undertaken a detail consultation process with them and discussed issues, he said.
Whereas, In November 2017, the RBI’s working group on fintech and digital banking had suggested the introduction of a regulatory sandbox/innovation hub within a well-defined space and duration to experiment with fintech solutions, where the consequences of failure can be contained and the reasons for failure analyzed.
"Crowd-funding, which entails raising external finance from a large group of investors, is at a very nascent stage in India. The peer-to-peer (P2P) lending for which RBI has issued Master Direction in October 2017, has the potential to improve access to finance for small and medium enterprises. Eleven entities have been licensed to operate P2P platform," he said.
Das also said the RBI has granted licenses and permitted seven purely digital loan companies (NBFCs) to commence operations.
"Although they are purely digital players operating through mobile applications, we have ensured that they have at least one physical presence for customers to reach out to in case of need," he said.